Bitcoin Ban Is a Herculean Task, Admits Russian Central Bank

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

Fears about Bitcoin being banned in Russia seemed to be allayed when a top Russian apex bank executive categorically claimed in a study that Bitcoin can not be banned. Bank of Russia’s legal department director Alexei Guznov has been caught saying in a recent article that a ban on cryptocurrencies will be a Hercules mission.

Late February, it was reported that a letter sent to President Vladimir Putin from Deputy Prime Minister Dmitry Chernyshenko stating that two government agencies agreed to outlaw cryptocurrency as a method of settlement which under the Anti-Money Laundering Regulation (AML) supports for the accounts to be frozen.

Cryptocurrencies have come under siege even before this said time, first, the Russian’s government unfriendly stance towards cryptocurrencies remains as it is viewed that cryptos may weaken the Russian currency which is the ruble. The Russian Central Bank on several occasions had taken moves to a ban coming into effect, yet it stands unwavering against Bitcoin.

Second, it was said that cryptocurrencies were being used for money laundering and illegal activities which was likewise mentioned by the apex bank executive.

Cryptocurrencies, however, don’t still have a full legal backing but an unhidden fact is how Russians Love Cryptocurrencies looking at its popularity in all of the Russian state.

Why Could It Be a Herculean Task?
The apex bank executive stated that cryptocurrencies aren’t fiat currencies so putting a restraint to its spending may be difficult and thus it cannot be limited.

Several crypto-currency transactions are suspected to include the Russian Government. For example, it was revealed last year that one of President Putin’s aides in his name has a large Bitcoin mining farm. The Russian Government is also planning the construction of financial centers on the Russia-China border, specifically planned for cryptocurrency trading. What’s troubling is that the government involved in crypto-currency transactions remains categorically opposed to its use. The Russian government, however, has indicated that a ban might not be necessary.

Though this recent declaration by the central bank and the Russian government still puts crypto firms under serious searchlight, it, however, remains a good thing that fears about Bitcoin being banned are now allayed.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *